Foreign Exchange Management Act, 1999 - FEMA - 008

Foreign Exchange Management Act, 1999 Reserve Bank of India Exchange Control Department Central Office Mumbai - 400 001 A.P. (DIR Series) Circular No.8 August 16, 2003 To All Authorised Dealers in Foreign Exchange Madam/Sirs, Foreign Exchange Management Act, 1999 Attention of authorised dealers is invited to A.P.(DIR Series) circulars indicated in the Annexure. It was mentioned therein that necessary amendments to the Foreign Exchange Management Regulations, 2000 were being issued separately. The relevant amendments issued by Reserve Bank and notified by the Government, in the Official Gazette, are indicated in the Annexure. 2. A copy each of these Notifications mentioned in the Annexure is enclosed to enable authorised dealers to carry out the amendments in the relevant notifications. 3. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned. 4. The directions contained in this circular have been issued under section 10(4) and section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager Annexure [A.P.(DIR Series) Circular No.8 dated August 16, 2003] I. Reserve Bank Notifications - Amendment to Foreign Exchange Management Regulations, 2000 issued under the Foreign Exchange Management Act, 1999 Sr. No. A.P. DIR (Series) Circular FEMA Notification No. and date Subject No./date/subject G.S.R. No. 1. 2. 3. 4. 5. 1. 34/1.4.2002 Facility to Status Holder Exporters - Credit to the EEFC account FEMA.No.58/RB-2002/ 1.4.2002 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2002 474 (E) 2. 35/1.4.2002 Export of Goods and Services - Facilities to Status Holder Exporters FEMA.No.57/ RB-2002 /1.4.2002 / Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2002 473(E) 3. 40/29.4.2002 Investment in and Borrowing from Overseas Markets FEMA.No.60/ RB-2002 / 29.4.2002 / Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2002 476(E) 4. 58/2.12.2002 Indian Direct Investment in SAARC countries and Myanmar FEMA.No.79/ RB-2003 / 15.1.2003 / Foreign Exchange Management (Transfer or issue of any Foreign Security) (Amendment) Regulations, 2003 34 (E) 5. 62/17.12.2002 Exchange Earners' Foreign Currency (EEFC) Account Scheme FEMA.No.77/ RB-2002 / 25.11.2002 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2002 224(E) 6. 64/24.12.2002 Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals FEMA.No.90/ RB-2003 / 23.5.2003 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Third Amendment) Regulations, 2003 453(E) 7. 66/13.1.2003 Overseas Investments FEMA.No.88/ RB-2003 / 1.4.2003 / Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Second Amendment) Regulations, 2003 399(E) 8. 75/3.2.2003 Sponsored ADRs/GDRs - Receipt of Disinvestment Proceeds FEMA.No.90/ RB-2003 / 23.5.2003 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Third Amendment) Regulations, 2003 453(E) II. Government Notification - amendments to Foreign Exchange Management (Current Account Transactions) Rules, 2000 Sr. No. No. and date of A.P. (DIR Series) Circular Subject Subject/No/ date of Notification in the Gazette of India 1. 2. 3. 4. 1. 51/18.11.2002 Increase in release of foreign exchange for private visits abroad G.S.R.No.831 (E) dated 17.12.2002 Foreign Exchange Management (Current Account Transactions) Rules, 2002.